#大户持仓动态 Ethereum is experiencing a large outflow from exchanges - this is the most noteworthy on-chain signal in the recent market.

Data shows that the proportion of ETH held by exchanges has fallen below 8%, hitting a new low since 2015. At the same time, the stock of Bitcoin on exchanges is only about 2.75 million coins. This is not a sign of retail investors actively selling, but rather institutions and large holders strategically accumulating and locking in.

Why is this crucial? From three perspectives:

**The Chain Reaction of Tightening Liquidity** — With fewer coins on the exchange, the selling pressure in the market naturally decreases. Under the continuous inflow of funds, each buy order is more likely to push up the price.

**Entry of Traditional Capital** — The spot ETFs for Bitcoin and Ethereum have opened the door to traditional finance. The influx of these funds will undoubtedly put pressure on the on-chain supply.

**Scarcity Expectation** — When everyone is hoarding coins and liquidity is tightening, this expectation will self-reinforce. Incremental funds combined with existing pressure can easily create momentum for a phase of price increase.

But don't celebrate too early. The easiest thing to happen in a bull market is retail investors getting harvested - missing out due to panic, chasing high prices due to greed, and frequently trading due to anxiety. Historical data shows that those who do this usually have a loss rate of over 90%.

The fluctuations in the market are accumulating, the key is whether you can hold your mindset.